The notion that small Businesses are the backbone of the economy is an oft quoted one because of the fact that this is the sort of thing that could potentially end up indicating their importance to the country. In spite of the fact that this is the case, we often don’t see them getting this much importance in real life, with a lot of recent legislation actually harming their ability to turn a profit.
With the combined impacts of record breaking real estate prices as well as the fallout from the coronavirus pandemic, small businesses have had a pretty tough time of it these past two years. With all of that having been said and now out of the way, it is important to note that consumers seem to be love them according to a study conducted by ConstantContact. 94% of the US based consumers who participated in this survey said that small businesses were important in their day to day lives.
92% said that they patronized a small business on a weekly basis, and over half of these respondents bought something or acquired services from small businesses three or more times every week. This isn’t just an emotive decision either, rather it is spurred by objective benefits with all things having been considered and taken into account.
71% of consumer stated that they felt they had better experiences if they worked with smaller businesses as compared to larger corporations. That makes sense considering the personalized experience that only small businesses can offer.
Despite their well loved status, small businesses seem to be closing down rather rapidly. 52% of consumers in the US said that they have noticed businesses in their area shutting down. Their importance and relevance is so pronounced that a third of all respondents, 33% to be precise, said that they might move from their city of residence entirely if this trend continues.
There is a clear demand for decentralized systems in all fields, and small businesses represent that in the real world. Consumers are not happy about the decline of small businesses, and greedy corporations might be to blame for that.
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